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Overview
A Guide to IMPORT EXPORT CODE "IEC"
Consequent upon introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application. The nature of the firm obtaining an IEC may be any of the follows- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.
IEC is compulsory for import. However, certain categories of importers are exempted from obtaining IEC.
Application for obtaining IEC Number in made online at DGFT website in the prescribed form.
The fee for new IEC or amendment in existing IEC is ₹ 500/-.
IEC code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad.
For exporters, IE Code must be quoted while sending shipments and banks require the exporters IE Code while receiving money from abroad.
About
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.